Blog
Is a bridge loan the right option for you?
It’s no secret that the housing market is still red-hot. For example, homes in the St. Louis area sold on average in seven days during the summer of 2022. This summer the average time on-market before sale is eight days. And while the average time to sell a house in the St. Louis market is currently approximately one week, an inordinate number of homes sell in their first or second day listed, often significantly over their listed price. But not ...
Buying a home? What you need to know about radon
The home buying process is complex and filled with seemingly endless paperwork, documentation and what often seem to be unnecessary formalities. Each step in the process is important, however. And some of these steps could safeguard your health or even your life. Obviously, inspecting a home’s electrical systems as well as its structural integrity can ensure a buyer that a home is safe to occupy. But there is one test you should consider having done on your prospective home that ...
What you need to know about an escalation clause
There’s not much question about it; today’s real estate market is a seller’s market. It’s a simple matter of supply and demand. Econ 101 students all learn about supply and demand, and one nearly unwavering aspect of supply and demand is that when supply drops and demand for the remaining goods and/or services remains constant, their price will rise. The current housing market is experiencing its lowest level of supply since 1999. While the number of prospective buyers remains high, ...
Property owners have rights; so do squatters
You inherited your grandfather’s house in the country. Or you have a home in the next county that you’re planning to update and rent to create an income stream. Or you bought a “fixer upper” in an involved neighborhood in your city. You’re busy with work, family and countless people competing for your time, so you don’t monitor the property as it’s not nearby and you have it shut down with no utilities, etc. Then one day you go to ...
How to select the right home inspector
Buying a home can be an exciting, joyous and stressful experience. Every buyer wants to find the ideal home, one that meets their needs, is in the right location, with the right features and that represents a solid investment. Closing on that home, moving in and finding out the neighbors are wonderful people, or that the neighborhood school is even better than expected are nice surprises. Discovering extensive cracks in the concrete foundation behind the drywall of the finished basement ...
Credit matters – polish your credit score and get your best possible interest rate
The supply of homes – single family homes, duplexes, condominiums and townhouses – for sale is well below current demand. This supply shortage has led directly to higher sale prices; today’s real estate market is clearly a seller’s market. This, combined with interest rates steadily increasing for the past two years, adds up to buyers often settling for homes they may have passed on three, four or even ten years ago. It’s simply a matter of affordability. While a home’s ...
A quick primer on homeowner associations
Buying a home can be exciting, fun and, at times, stressful. For most people, purchasing a home is an infrequent experience. So, everything from the specifics about the house you want to purchase to things such as appraisals, down payments, private mortgage insurance, title work, realtor’s commissions and so much more may seem almost overwhelming. Add one more item to the list: Homeowner associations (HOAs). What are homeowner associations and what do they do? Homeowner associations are generally formed when ...
Downsizing? Here are 5 things to consider
The kids have started their careers and moved out of the house. Their rooms are now guest bedrooms and an office. The minivan is long gone, replaced by a two-door convertible. And even though you’ve always had a golden retriever, your current pup is a 21-pound Boston Terrier. On top of everything else, maintaining a home that is suddenly spacious may seem more like a chore than a labor of love. The endless hours spent keeping up the lawn, painting, ...
Escrow 101: The basics of this important tool
Securing a home loan and buying a home involves terms, concepts and services that can be confusing to home buyers, especially to first-time purchasers. One of those terms is “escrow” or “escrow account.” Simply put, placing funds into an escrow account means that money is held by a third party in a financial transaction. Money in escrow is secure and carefully monitored by agents who hold the funds until they are certain each of the parties in the transaction have ...
“Pre-approved” and “approved” — what’s the difference for mortgages?
Prospective homebuyers hear time and again about the importance of being “pre-approved” when shopping for a home. Ads in virtually all forms of media emphasize – loudly – that pre-approved buyers have more buying power while shopping and that being pre-approved gives a buyer an edge over others who have not been pre-approved for a loan. The idea of being “pre-approved” certainly and logically leads to the concept of “approved.” But what are the differences between the two? Read on ...
The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
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